LG Electronics Reinforces Organization for 2010
Seoul, December 18, 2009 -- The Board of Directors (BOD) of LG Electronics (LG), a global leader and technology innovator in consumer electronics and appliances, today announced strategic changes to the company’s structure to position the organization to take better advantage of the business environment as the recession gives way to recovery.Other new appointments to top management positions include three chief executives for North America, China and Korea operations. Wayne Park, 50, currently EVP and head of LG Korea, and Choong-bong Cho, 55, formerly head of LG’s China subsidiary, were named chief executives for the North America and China Regions, respectively. Kyung-joon Park, 51, was promoted to senior vice president (SVP) and chief executive for Korea, replacing Wayne Park.
The changes announced today will go into effect on January 1, 2010.
The organizational changes were initiated to allow the company to take better advantage of the global business environment in the coming years. For example, moving the nascent solar business operation to the Air Conditioning (AC) Company from under the R&D umbrella of the CTO’s office will give the renewable energy business new opportunities for rapid growth.
LG plans to strengthen its business-to-business capabilities to increase its focus on being a top solution provider in tomorrow’s challenging environment. The Commercial Air Conditioning (CAC) business team is being expanded into a separate division as part of the AC Company’s plan to enhance its business-to-business capabilities.
B.B. Hwang, 55, currently executive vice president (EVP) and chief executive for LG’s Business Solutions Company, has been appointed to head the newly created Customer Relationship Division. He will continue to report directly to CEO Yong Nam. The new chief executive of the Business Solutions Company will be Soon-hwang Kwon, 51, currently SVP and chief executive of LG’s Australia subsidiary.
Nam also appointed 31 new vice presidents and promoted seven SVP’s. LG also appointed five non-Koreans to head up overseas subsidiaries: James N. Shad for the United States, Eric Surdej for France, Bjorn Drablos in Sweden, Bjorn Berg Andersen for Benelux and Eric Agius in Canada.
LG continues its push to globalize its operations in order to enhance its market leadership by leveraging international talent, a strategy initiated by Nam in 2007.